Chris Martin and Gwyneth Paltrow, Separating

The lead singer of the band Coldplay, Chris Martin, and his wife, actress Gwyneth Paltrow, recently announced that they were separating after 10 years of marriage.  A spoke person for the couple indicated that they have decided to “amicably separate.”  While most people would refer to their decision as the initiation of “divorce” proceedings, the couple went on to term their decision to separate as a “conscious uncoupling.”

Their marriage and separation illustrate that their relationship is no different from most  people.  Perhaps Chris Martin expressed this notion the best when he said, “Everyone in their life goes through their challenges – whether it’s love or money or kids or illness.”

So far, the separation does appear to be “amicable,” which is in the best interest of their two children, Apple and Moses.  However, it is readily apparent that future developments in their separation and possible divorce will play out in the media.

Kim Kardashian and Kanye West’s Prenuptial Agreement

Kim Kardashian and Kanye West are headed down the aisle this spring and a shocking report claims that Kim has agreed to sign a prenuptial agreement that only gives her at the very most, $10 million dollars. Kim, who is worth a mere $40 million compared to Kanye’s estimated $100 million total estimated wealth, stands only to make $1 million for every year she and Kanye are married. In the event either party file for dissolution of marriage, Kim will also get to keep any and all gifts given to her by Kanye and the Bel Air mansion will be titled to Kim solely. In addition, Kim is listed as the beneficiary of one of Kanye’s life insurance policies valued at $20 million. Although Mr. West seems very happy with the provisions contained in the prenuptial agreement, sceptics are concerned that Kim is being slighted in this agreement.

Prenuptial agreements are legally binding agreements made between the parties that outline some of the divorce terms if the couple ever decides to separate. Issues related to the division of assets, spousal support and control of family-owned companies can be settled in advance using a prenuptial agreement.

In the case of Kim and Kanye, both spouses are entering this marriage with considerable assets, though Kanye appears to have more. The prenuptial agreement, then, sets terms that would allow for an equitable split. It also helps both spouses understand the financial implications behind a divorce if they should ever choose to separate.

Prenuptial Agreements are not just for rich celebrities. Regular couples can benefit from prenuptial agreements as well. For example, if you have inherited a piece of family real estate, and you wish to ensure that the property remains with your family, you can protect it using a prenuptial agreement. This also goes for assets or heirlooms you wish to pass down to children from another marriage. In these cases, prenuptial agreements are an excellent tool for ensuring your important assets remain with you, so they can always be kept in your family.